Accounts Payable and Year End

Accounts payable (AP) transactions consist of invoices entered and paid against purchase orders in TOPS.

From July 1 through first closing, any invoice entered and approved for payment that is dated prior to July 1 will have the associated General Ledger entries posted into period 12. These payments will be reflected in the June period of FY 2001–2002.

Following the first closing, the AP General Ledger entries will resume their regular posting schedule of the day the invoice is entered into TOPS, rather than invoice date. Invoices with an invoice date of July 1, 2002 or later will be reflected in the 2002–2003 periods.